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Good performance for stock markets and Bitcoin is getting closer to breaking records again

Good performance for stock markets and Bitcoin is getting closer to breaking records again

Good performance for stock marketsMarkets are currently focusing on monetary policy meetings of many central banks around the world, as they are awaiting for European Central Bank’s monetary policy meeting on Thursday which is followed by next week’s meeting of the US Federal Reserve and Bank of Japan, so as to know how these institutions will deal with rising interest rates.


Evest is following up on all developments in the economic situation and exclusively relays it to you.


Oil breaks upswing through a new retreating

The price for Brent oil crude which rose to $ 69.33 yesterday, closed today at $ 67.52.

Brent oil traded at $ 66.62 a barrel, down by 1.33% from yesterday’s closing,
while West Texas Intermediate oil crude found buyers at a rate of $ 63.23 a barrel.


Lower prices were driven by fears after increasing US inventories the world’s largest consumer of oil crude,
last week. This led to boosting fears of declining demand in the country.


According to estimates by American Petroleum Institute,
US commercial crude oil inventories rose by 12.8 million barrels last week compared to the previous one.

The market expected a decline in inventories by about 833,000 barrels.


Today, official oil inventory data will be released by the United States Energy Information Administration.

Last week, Brent crude was risen due to OPEC’s decision to continue reducing production in April.

This is in addition to security developments in the region, as a Saudi oil port has witnessed attacks from Iran-backed Houthis.

This made oil trading be at a rate of more than $ 70 on March 8.


While concerns regarding oil supplies in Saudi Arabia, the world’s largest oil exporter may retreat,
prices continue to decline, as investors who want to take advantage of high prices resulting from geopolitical tensions,
will accelerate their sales.


The rising exchange rate of the US dollar leads to reduce the attractiveness of US currency goods.

This affects investor’s reactions regarding fuel markets.


Despite the last decline in oil prices, analysts expect a return for its prices to bullish trends.

This may encourage more activity of rock oil producers in the United States.


In 2022, US rock oil production may reach its highest level since 2019,
according to estimates of the US Department of Energy.


The contrast in Asian stock exchanges

Asian stock markets took advantage of the recovery of the US technology sector on Wednesday.

However, as it was in the United States, in Asia, momentum also diminished in general.


Asian stock markets showed different results in today’s tradings.

Japanese Nikkei index has not been significantly moving and closed at an increase of 0.03%,
while the expanded Topix index rose by 0.11% to record 1919.74 points.

Australian stock exchange fell by 0.4%, while South Korea’s Kospi index retreated at a rate of 0.2%,
but Shanghai Stock Exchange by 0.7%. Hong Kong stock markets rose by half a percent.

CSI-300 which includes the largest 300 companies listed on China’s mainland stocks, has lately risen by 1.28%.


Expectations for retreating DAX

After the previous day’s record, a slight setback was shown in the DAX index on Wednesday.

IG evaluated the leading index by a retreating of0. 2%, to trade at 14410 points, 2 hours before starting trading.


US three indicators are in the green zone

Economic optimism and interim relaxation in the US bonds market stimulated US Exchanges, on Tuesday.

Progress in vaccinations also supported events in markets.

Unlike evolution on the previous day, this time, the three indicators rose.

Leading, Dow Jones Industrial rose by 0.10% to reach 31,832.74 points.

This index has already recorded its highest level at 32, 150.32 points during the year and up till now.

This means that it is less than its annual level of 0.99%.


Meanwhile, there was a lot of recovery momentum in technology shares on the Nasdaq stock exchange.

After a particularly weak performance during recent weeks, the Nasdaq Technology index witnessed a rebound yesterday,
driven by low bond yields and a financial rescue package of $ 1.9 billion which was approved by the US Senate.

Much amounts of it are likely to be moved into markets capital.

Nasdaq index rose by 4%, while Standard and Poor’s index rose by 1.4%.

Tesla closed its trading by a rise of $ 673, besides a jump of 19.6%.


Bitcoin exceeds $ 54,000

Digital coin price strongly rose on Tuesday, to make an increase in cryptocurrencies reach the previous record of Bitcoin,
which took place in February.


According to Reuters, the price of Bitcoin has been steadily rising for about 5 days,
as its price reached $ 54206 to approach a record of $ 58354 on 21 February.


This year, Bitcoin currency rose by about 87%, to be widely surpassing traditional assets.

This partly is due to its wide acceptance as a form of payment.


Rising gains in relevant stocks led to rising in shares of Riot Blockchain Inc and Marathon Digital Holdings Inc,
by 28% and 22% in a row.


Bitcoin mining shares rose as these companies used the strength of Bitcoin to collect hundreds of millions of dollars from funds in addition to taking advantage of growing market sentiment.


For its part, Bitcoin Silvergate CORP Bank launched a $ 300 million program to sell shares in less than 2 months since increased property rights. Meanwhile, Micro Strategy Inc has lately planned for business intelligence programs to make further Bitcoin purchases.

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